Deals this week: Wesfarmers, Detour Gold, Silver Standard and more…

29 September 2011 (Last Updated September 29th, 2011 18:30)

Wesfarmers has agreed to sell its Premier Coal business to Yancoal Australia's subsidiary Austar Coal Mine for $296m.

Wesfarmers has agreed to sell its Premier Coal business to Yancoal Australia's subsidiary Austar Coal Mine for $296m.

The Premier Coal mine, located in Collie, 200km south of Perth, produces about 3.5Mtof thermal coal per year from the Collie Coal Basin.

Detour Gold has entered into a definitive agreement with Trade Winds Ventures, to acquire all of the issued and outstanding common shares of Trade Winds for total consideration of C$84m (US$81.3m).

Under the terms of the agreement, Trade Winds shareholders will receive 0.0142 of a Detour Gold share and C$0.0001 in cash for each Trade Winds share held.

The assets of Trade Winds include a 50:50 joint venture with Detour Gold in respect of the Block A property, located adjacent to Detour Gold's Detour Lake project, and its wholly-owned Gowest property, in the Detour Lake area.

Silver Standard Resources has completed the sale of its Bowdens project in New South Wales, Australia, to Kingsgate Consolidated for an estimated value of A$75m (US$73.4m).

Bowdens project is located 200km north-west of Sydney and consists of a single exploration tenement covering 188km2.]

Rio Tinto, through its subsidiary Rio Tinto International Holdings, has acquired an additional 3,700,000 common shares in Ivanhoe Mines for C$73m (US$70.6m).

With this acquisition, Rio Tinto has increased its ownership in Ivanhoe Mines by 0.5% to a total of 361 million common shares, which is equal to a 49% stake.

NEMI Northern Energy and Mining has received shareholder approval for the sale of its interest in Peace River Coal to Anglo American Coal Canada for a cash purchase price of C$73m (US$70.6m).

Peace River Coal is jointly owned by Anglo American, Hillsborough Resources and NEMI Northern Energy and Mining, with substantial coal properties in the Peace River region of north-east British Columbia.